FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2002
ENERGY POWER SYSTEMS LIMITED
(FORMERLY: ENGINEERING POWER SYSTEMS LIMITED)
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(Address of Principal executive offices)
Suite 301, 2 Adelaide Street West, Toronto, Ontario, M5H 1L6
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover form 20-F or Form 40-F:
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2b under the Securities Exchange Act of 1934:
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3- 2(b): 82
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ENERGY POWER SYSTEMS LIMITED
(formerly: Engineering Power Systems Limited)
Date: November 21, 2002 By:____"Sandra J. Hall"____ ______
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Sandra J. Hall, President, Secretary & Director
ENERGY POWER SYSTEMS LIMITED: ANNOUNCEMENT
Friday November 15, 6:47 pm ET
TORONTO--(BUSINESS WIRE)--Nov. 15, 2002--Energy Power Systems Limited (AMEX: EGY
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- News; Frankfurt:EPW) (www.epsx.com; "Energy Power" or the "Company") announces
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that it has issued audited consolidated financial statements for the year ended
June 30, 2002. These statements reflect the following activities of Energy Power
and its subsidiaries operating as an Industrial & Offshore Division and an Oil &
Gas Division:
- consolidated revenues of $22.0 million for the year ended June 30, 2002
($19.1 million -2001);
- consolidated gross profits of $3.0 million for the year ended June 30,
2002 ($2.5 million - 2001);
- consolidated loss from continuing operations before income tax of $0.5
million for the year ended June 30, 2002 ($2.2 million - 2001);
- consolidated loss from continuing operations of $1.1 million for the year
ended June 30, 2002 ($1.0 million - 2001); and
- consolidated basic and fully diluted loss per share from continuing
operations of $0.17 ($0.23 per share - 2001).
Energy Power's consolidated revenues of $22.0 million for the year ending June
30, 2002 increased by 15% from $19.1 million reported during the same period the
previous year. Increased activity from the Company's Industrial & Offshore
Division as well as an increase in revenues from the Company's Oil & Gas
Division contributed to this revenue growth. "In the last fiscal year we became
cash flow positive. It is our corporate objective to achieve positive earnings
this fiscal year," stated Scott Hargreaves CFO, "to achieve this we are bidding
on larger projects for the Industrial & Offshore Division and are continuing our
efforts to increase reserves and production for the Oil & Gas Division. We are
most pleased with the positive trending improvement in cash flow as consolidated
revenue increased $2.9 million for the twelve month period ending June 30,
2002."
Energy Power's consolidated gross profit for the fiscal period ending June 30,
2002 increased 20% to $3.0 million from $2.5 million in 2001. The increased
gross profits was primarily driven by increased revenue from the Company's
Industrial & Offshore Division.
Losses from continuing operations before income taxes decreased 77% by $1.7
million to $0.5 million during fiscal 2002 from $2.2 million the previous year.
The majority of the increase was due to increased gross profits of $0.5 million
and increased other income of $1.3 million partially offset by increases in
administrative expenditures. During the year the Company incurred a non-cash
write down of inactive capital assets of $0.3 million versus $1.5 million in
2001.
Consolidated loss from continuing operations for the twelve month period ending
June 30, 2002 was $1.1 million, 10% more than the loss from continuing
operations reported for the previous twelve month period. The increased loss
from continuing operations was due to a $0.6 million non-cash income tax
provision. During the previous period the Company credited approximately $1.2
million of tax assets. As a result of the foregoing, net losses from continuing
operations per share for the twelve month period ending June 30, 2002 decreased
22% to $0.17 per share from $0.23 per share for fiscal 2001.
About Energy Power Systems Limited
Energy Power is an energy source and service company operating as an Industrial
& Offshore Division and an Oil & Gas Division.
There are approximately 10.6 million shares issued and outstanding in the
capital of the Company.
Certain statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 (the
"Reform Act"), which reflect the Company's current expectations regarding the
future results of operations, performance and achievements of the Company. The
Company has tried, wherever possible, to identify these forward-looking
statements by, among other things, using words such as "anticipate," "believe,"
"estimate," "expect" and similar expressions. These statements reflect the
current beliefs of management of the Company, and are based on currently
available information. Accordingly, these statements are subject to known and
unknown risks, uncertainties and other factors which could cause the actual
results, performance or achievements of the Company to differ materially from
those expressed in, or implied by, these statements. (See the Company's Annual
Information Form and Annual Form 20 F for Risk Factors.) The Company is not
obligated to update or revise these "forward-looking" statements to reflect new
events or circumstances.
[GRAPHIC OMITED]
Contact:
Energy Power Systems Limited
Scott T. Hargreaves, 416/861-1484
www.epsx.com
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